Bunge Global SA
10/29/2026 | Press release | Distributed by Public on 10/29/2026 07:00
Business/Financial Results (Form 8-K)
Bunge Reports Third Quarter 2026 Results
St. Louis, MO - October 29, 2026 - Bunge Global SA (NYSE: BG) today reported third quarter 2026 results.
•Q3 GAAP diluted EPS from continuing operations of $1.64 vs. $0.86 in the prior year; $2.56 vs. $2.27 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
•Continued strong performance in Soybean and Softseed Processing and Refining segments, driven by solid execution and the increased capabilities of Bunge's expanded, more connected global network
•Advanced key value-creation priorities, including Viterra-related synergies, and following quarter-end, started production at Bunge Chevron Ag Renewables' new oilseed processing line in Destrehan, La.
•Maintaining full-year adjusted EPS outlook range of $9.25 to $9.75
| Ø | Overview | ||||
Greg Heckman, Bunge's Chief Executive Officer, commented: "Our team delivered a strong third quarter, demonstrating disciplined execution and the strength of the resilient, diversified business we've built. In a complex environment - marked by geopolitical uncertainty, shifting trade flows and evolving government policy - our global platform positioned us to execute on opportunities while effectively managing risk. At the same time, we continued to advance our key value-creation priorities, including Viterra-related synergies and progressing efforts to bring major growth investments online."
"Looking ahead, we remain confident about the opportunities in front of us and our team's ability to successfully address the challenges ahead. The long-term demand drivers for our business remain strong. Our global footprint and diversified value chains position us to continue delivering value for our stakeholders, farmers and customers, across the food, feed and fuel industries in any environment."
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| Ø | Financial Highlights | |||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
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| (US$ in millions, except per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net income attributable to Bunge | $ | 318 | $ | 166 | $ | 1,064 | $ | 721 | |||||||||
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Net income per share from continuing operations- diluted (a)
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$ | 1.64 | $ | 0.86 | $ | 5.45 | $ | 4.62 | |||||||||
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Mark-to-market timing differences (b)
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$ | 0.28 | $ | 0.87 | $ | (0.12) | $ | 0.57 | |||||||||
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Certain (gains) & charges (c)
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$ | 0.64 | $ | 0.54 | $ | 1.05 | $ | 0.37 | |||||||||
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Adjusted Net income per share from continuing operations-diluted (a) (d)
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$ | 2.56 | $ | 2.27 | $ | 6.38 | $ | 5.56 | |||||||||
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Segment EBIT (d) (e)
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$ | 839 | $ | 671 | $ | 2,384 | $ | 1,731 | |||||||||
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Mark-to-market timing differences (b)
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66 | 246 | (35) | 120 | |||||||||||||
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Certain (gains) & charges (c)
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92 | 7 | 105 | (148) | |||||||||||||
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Adjusted Segment EBIT (d)
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$ | 997 | $ | 924 | $ | 2,454 | $ | 1,703 | |||||||||
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Corporate and Other EBIT (d) (f)
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$ | (172) | $ | (268) | $ | (473) | $ | (462) | |||||||||
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Certain (gains) & charges (c)
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21 | 101 | 91 | 171 | |||||||||||||
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Adjusted Corporate and Other EBIT (d)
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$ | (151) | $ | (167) | $ | (382) | $ | (291) | |||||||||
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Total EBIT (d)
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$ | 667 | $ | 403 | $ | 1,911 | $ | 1,269 | |||||||||
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Mark-to-market timing differences (b)
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66 | 246 | (35) | 120 | |||||||||||||
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Certain (gains) & charges (c)
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113 | 108 | 196 | 23 | |||||||||||||
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Adjusted Total EBIT (d)
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$ | 846 | $ | 757 | $ | 2,072 | $ | 1,412 | |||||||||
(a)In the third quarter of 2025, Bunge concluded the sale of Viterra Limited's ("Viterra") business in Hungary, as well as part of Viterra's business in Poland (the "Divested Business"). The Divested Business was classified as discontinued operations during Bunge's period of ownership.
(b)Mark-to-market timing impact of certain commodity, freight, and foreign exchange contracts, readily marketable inventories ("RMI"), and related economic hedges associated with committed future operating capacity and sales. See note 2 in the Additional Financial Information section of this release for details.
(c)Certain (gains) & charges included in Total earnings before interest and tax ("EBIT") and Net income attributable to Bunge. See Additional Financial Information for details.
(d)Segment earnings before interest and tax ("Segment EBIT"), Adjusted Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Total EBIT, Adjusted Total EBIT, and Adjusted Net income per share from continuing operations-diluted are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables attached to this press release and the accompanying slide presentation posted on Bunge's website.
(e)Segment EBIT comprises the aggregate EBIT of Bunge's Soybean Processing and Refining, Softseed Processing and Refining, Tropical Oils and Specialty Ingredients, and Grain Merchandising and Milling reportable segments, and excludes Corporate and Other activities.
(f)Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra Acquisition, that are not allocated to the Company's individual reporting segments, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, and accounts receivable securitization activities.
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| Ø | Third Quarter Results | ||||
Reportable Segments
Soybean Processing and Refining
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||
| Volumes (in thousand metric tons) | |||||||||||||||||
| Soybeans processed | 11,745 | 12,139 | 34,026 | 29,553 | |||||||||||||
| Soybeans merchandised | 5,274 | 7,246 | 18,453 | 13,577 | |||||||||||||
| Refined soy oil production | 1,051 | 932 | 2,841 | 2,693 | |||||||||||||
| Net sales | $ | 11,442 | $ | 10,857 | $ | 33,065 | $ | 25,268 | |||||||||
| Cost of goods sold | $ | (10,646) | $ | (10,359) | $ | (30,817) | $ | (23,877) | |||||||||
| Selling, general and administrative expenses | $ | (174) | $ | (143) | $ | (481) | $ | (365) | |||||||||
| Foreign exchange gains (losses) - net | $ | (42) | $ | (42) | $ | (142) | $ | 9 | |||||||||
| EBIT attributable to noncontrolling interests | $ | (31) | $ | (3) | $ | (65) | $ | (13) | |||||||||
| Other income (expense) - net | $ | (12) | $ | 21 | $ | (15) | $ | 27 | |||||||||
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Income (loss) from affiliates
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$ | 10 | $ | 6 | $ | 15 | $ | 19 | |||||||||
| Segment EBIT | $ | 547 | $ | 337 | $ | 1,560 | $ | 1,068 | |||||||||
| Mark-to-market timing differences | 18 | 141 | (173) | (45) | |||||||||||||
| Adjusted Segment EBIT | $ | 565 | $ | 478 | $ | 1,387 | $ | 1,023 | |||||||||
North America was the largest contributor to the improved performance, driven by stronger processing results, partially offset by lower refining. In South America, improved performance reflected stronger processing results in Argentina and Brazil, partially offset by lower fertilizer and refining results in both countries. Within the destination value chain, stronger processing results in Europe were partially offset by lower origination in South America and processing results in Asia. Global soybean oil merchandising results were lower than last year.
Lower processing volumes in South America and Asia were partially offset by higher volumes in Europe. Processing volumes in the U.S. were in line with last year.
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Softseed Processing and Refining
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||
| Volumes (in thousand metric tons) | |||||||||||||||||
| Softseeds processed | 3,606 | 3,129 | 10,377 | 7,270 | |||||||||||||
| Softseeds merchandised | 743 | 1,032 | 3,445 | 1,142 | |||||||||||||
| Refined softseed oil production | 872 | 711 | 2,619 | 2,102 | |||||||||||||
| Net sales | $ | 4,302 | $ | 3,661 | $ | 12,301 | $ | 6,707 | |||||||||
| Cost of goods sold | $ | (3,865) | $ | (3,372) | $ | (11,428) | $ | (6,264) | |||||||||
| Selling, general and administrative expenses | $ | (70) | $ | (58) | $ | (194) | $ | (131) | |||||||||
| Foreign exchange gains (losses) - net | $ | (8) | $ | 11 | $ | 40 | $ | 43 | |||||||||
| EBIT attributable to noncontrolling interests | $ | - | $ | (1) | $ | (3) | $ | (2) | |||||||||
| Other income (expense) - net | $ | (4) | $ | (5) | $ | (10) | $ | (10) | |||||||||
| Income (loss) from affiliates | $ | (2) | $ | - | $ | (4) | $ | (6) | |||||||||
| Segment EBIT | $ | 353 | $ | 236 | $ | 702 | $ | 337 | |||||||||
| Mark-to-market timing differences | (34) | 39 | 67 | 34 | |||||||||||||
| Certain (gains) & charges | 10 | - | 10 | - | |||||||||||||
| Adjusted Segment EBIT | $ | 329 | $ | 275 | $ | 779 | $ | 371 | |||||||||
While all regions performed well, North America processing and refining were the primary drivers of the improvement. In Europe, stronger processing results were partially offset by lower refining and biodiesel results. In Argentina, processing and refining results were both lower. Global distribution results declined, partially offset by stronger canola origination in Canada and Australia. Softseed oils merchandising improved compared with last year.
Softseed processing volumes increased across all regions, supported by the more favorable margin environment.
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Tropical Oils and Specialty Ingredients
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||
| Volumes (in thousand metric tons) | 674 | 639 | 1,973 | 1,881 | |||||||||||||
| Net sales | $ | 1,295 | $ | 1,207 | $ | 3,782 | $ | 3,442 | |||||||||
| Cost of goods sold | $ | (1,220) | $ | (1,063) | $ | (3,481) | $ | (3,174) | |||||||||
| Selling, general and administrative expenses | $ | (59) | $ | (57) | $ | (180) | $ | (176) | |||||||||
| Foreign exchange (losses) gains - net | $ | - | $ | (2) | $ | (4) | $ | (5) | |||||||||
| EBIT attributable to noncontrolling interests | $ | (1) | $ | (8) | $ | (12) | $ | (10) | |||||||||
| Other income (expense) - net | $ | (2) | $ | - | $ | (6) | $ | (5) | |||||||||
| Segment EBIT | $ | 13 | $ | 77 | $ | 99 | $ | 72 | |||||||||
| Mark-to-market timing differences | 3 | (27) | (9) | 27 | |||||||||||||
| Certain (gains) & charges | - | 1 | - | 1 | |||||||||||||
| Adjusted Segment EBIT | $ | 16 | $ | 51 | $ | 90 | $ | 100 | |||||||||
Results were lower in North America, Europe and Asia, primarily driven by near-term margin impacts associated with geopolitical trade disruptions, along with commissioning, ramp-up and plant transition costs related to both our tropical oils and soy protein concentrate businesses. Results from global tropical oils merchandising activities were higher than last year.
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Grain Merchandising and Milling
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||
| Volumes (in thousand metric tons) | 23,806 | 24,080 | 74,216 | 40,972 | |||||||||||||
| Net sales | $ | 6,764 | $ | 6,428 | $ | 20,555 | $ | 11,146 | |||||||||
| Cost of goods sold | $ | (6,714) | $ | (6,285) | $ | (20,171) | $ | (10,845) | |||||||||
| Selling, general and administrative expenses | $ | (133) | $ | (145) | $ | (389) | $ | (266) | |||||||||
| Foreign exchange (losses) gains - net | $ | (19) | $ | (15) | $ | (75) | $ | (41) | |||||||||
| EBIT attributable to noncontrolling interests | $ | (6) | $ | (1) | $ | (9) | $ | (6) | |||||||||
| Other income (expense) - net | $ | 21 | $ | 37 | $ | 88 | $ | 263 | |||||||||
|
Income (loss) from affiliates
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$ | 13 | $ | 2 | $ | 24 | $ | 3 | |||||||||
| Segment EBIT | $ | (74) | $ | 21 | $ | 23 | $ | 254 | |||||||||
| Mark-to-market timing differences | 79 | 93 | 80 | 104 | |||||||||||||
| Certain (gains) & charges | 82 | 6 | 95 | (149) | |||||||||||||
| Adjusted Segment EBIT | $ | 87 | $ | 120 | $ | 198 | $ | 209 | |||||||||
Higher results in global grain merchandising and commercial services were more than offset by lower results in ocean freight, sugar and wheat milling.
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Corporate and Other
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||
| Net sales | $ | 1 | $ | 2 | $ | 3 | $ | 4 | |||||||||
| Cost of goods sold | $ | (27) | $ | (13) | $ | (30) | $ | (9) | |||||||||
| Selling, general and administrative expenses | $ | (169) | $ | (275) | $ | (498) | $ | (538) | |||||||||
| Foreign exchange gains (losses) - net | $ | 6 | $ | (7) | $ | (2) | $ | 8 | |||||||||
| EBIT attributable to noncontrolling interests | $ | 2 | $ | 1 | $ | 3 | $ | 2 | |||||||||
| Other income (expense) - net | $ | 14 | $ | 24 | $ | 52 | $ | 71 | |||||||||
| Income (loss) from affiliates | $ | 1 | $ | - | $ | (1) | $ | - | |||||||||
| Corporate and Other EBIT | $ | (172) | $ | (268) | $ | (473) | $ | (462) | |||||||||
| Certain (gains) & charges | 21 | 101 | 91 | 171 | |||||||||||||
| Adjusted Corporate and Other EBIT | $ | (151) | $ | (167) | $ | (382) | $ | (291) | |||||||||
Corporate
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||
| Corporate EBIT | $ | (168) | $ | (278) | $ | (499) | $ | (485) | |||||||||
| Certain (gains) & charges | 21 | 101 | 91 | 171 | |||||||||||||
| Adjusted Corporate EBIT | $ | (147) | $ | (177) | $ | (408) | $ | (314) | |||||||||
Other
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (US$ in millions) | Sep 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||
| Other EBIT | $ | (4) | $ | 10 | $ | 26 | $ | 23 | |||||||||
| Certain (gains) & charges | - | - | - | - | |||||||||||||
| Adjusted Other EBIT | $ | (4) | $ | 10 | $ | 26 | $ | 23 | |||||||||
The decrease in Corporate expenses was primarily driven by performance-based compensation and favorable foreign exchange impacts. Lower Other results were largely related to our captive insurance program.
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Cash Flow
| Nine Months Ended | ||||||||
| Sep 30, 2026 | Sep 30, 2025 | |||||||
| Cash provided by (used for) operating activities | $ | (2,302) | $ | (503) | ||||
|
Certain reconciling items to Adjusted funds from operations (3)
|
4,310 | 1,684 | ||||||
|
Adjusted funds from operations (3)
|
$ | 2,008 | $ | 1,181 | ||||
Cash used for operations in the nine months ended September 30, 2026, and September 30, 2025, was $2,302 million and $503 million, respectively. The increase of cash used for operations was primarily driven by net changes in working capital, partially offset by higher net income and higher depreciation as a result of the Viterra transaction. Adjusted funds from operations (FFO) was $2,008 million compared to $1,181 million in the prior year.(3)
Income Taxes
For the three months ended September 30, 2026, income tax expense was $168 million compared to $86 million in the prior year. For the nine months ended September 30, 2026, income tax expense was $390 million compared to $290 million in the prior year. The increase for both periods was primarily due to higher pre-tax income in 2026. Adjusting for notable items and mark-to-market timing differences, the quarter-ended adjusted effective income tax rate was approximately 25%.
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| Ø |
Outlook(4)
|
||||
Taking into account third quarter results, the current margin and macro environment and forward curves, Bunge continues to expect full-year 2026 adjusted EPS in the range of $9.25 to $9.75.
Compared to its previous full-year outlook:
•Soybean Processing and Refining results: slightly lower
•Softseed Processing and Refining results: unchanged
•Tropical Oils and Specialty Ingredients results: lower
•Grain Merchandising and Milling results: higher
•Corporate and Other results: unchanged
Additionally, the Company now expects the following for 2026:
•An adjusted annual effective tax rate in the range of 23% to 25% compared to its previous range of 22% to 26%
•Net interest expense in the range of $640 to $670 million compared to its previous range of $620 to $660 million
•Capital expenditures toward the higher end of the $1.5 to $1.7 billion range
•Depreciation and amortization of approximately $975 million
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| Ø | Conference Call and Webcast Details | ||||
Bunge Global SA's management will host a conference call at 8 a.m. Eastern (7 a.m. Central) on Thursday, October 29, 2026, to discuss the Company's results.
Additionally, a slide presentation to accompany the discussion of results will be posted on www.bunge.com.
To access the webcast, go to "Events & Presentations" under "News & Events" in the "Investor Center" section of the company's website. Select "Q3 2026 Bunge Global SA Conference Call" and follow the prompts. Please go to the website at least 15 minutes prior to the call to register and download any necessary audio software.
To listen to the call, please dial 1-844-735-3666. If you are located outside the United States or Canada, dial 1-412-317-5706. Please dial in approximately 10 minutes before the scheduled start time.
A call replay will be available later in the day on October 29, 2026, continuing through November 29, 2026. To access it, please dial 1-855-669-9658 in the United States and Canada, or 1-412-317-0088 in other locations. When prompted, enter confirmation code 2757104.
| Ø | About Bunge | ||||
At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. As a premier agribusiness solutions provider, our dedicated employees partner with farmers across the globe to move agricultural commodities from where they're grown to where they're needed-in faster, smarter, and more efficient ways. We are a world leader in grain origination, storage, distribution, oilseed processing and refining, offering a broad portfolio of plant-based oils, fats, and proteins. We work alongside our customers at both ends of the value chain to deliver quality products and develop tailored, innovative solutions that address evolving consumer needs. With 200+ years of experience and presence in over 50 countries, we are committed to strengthening global food security, advancing sustainability, and helping communities prosper where we operate. Bunge has its registered office in Geneva, Switzerland, and its corporate headquarters in St. Louis, Missouri. Learn more at Bunge.com.
| Ø | Website Information | |||||||
We routinely post important information for investors on our website, www.bunge.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, U.S. Securities and Exchange Commission ("SEC") filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
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| Ø | |||||
Bunge Global SA published this content on October 29, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 29, 2026 at 13:03 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]